Vietnam Launches Crypto Exchange Pilot Plans With $400M Capital Bar, Signaling Strict Market Entry
Vietnam has officially opened the door to licensed cryptocurrency trading platforms, kicking off a pilot regulatory regime that sets one of Asia’s toughest entry requirements for crypto exchanges.
The State Securities Commission confirmed it is now accepting applications under new administrative rules issued by the Ministry of Finance, putting into effect Resolution No. 05/2025/NQ-CP. The move marks the operational start of Vietnam’s long-awaited crypto market sandbox.
Under the pilot framework, aspiring exchanges must meet a minimum charter capital requirement of 10 trillion Vietnamese dong—nearly $400 million—alongside rigorous conditions covering governance, staffing, technology systems, and operational resilience. Only domestically incorporated companies can apply, and foreign ownership in any licensed platform is limited to 49%.
This capital-heavy model contrasts sharply with other Asian crypto hubs such as Hong Kong and Singapore, which generally set lower financial thresholds while emphasizing ongoing supervisory oversight instead.
The licensing process builds on legislation passed by Vietnam’s National Assembly in June 2025, which formally classified cryptocurrencies as property under civil law for the first time. That legal recognition laid the groundwork for regulating digital assets, while a follow-up resolution in September translated policy into a sandbox-style market design. This week’s application intake signals that implementation has now begun.
Interest from domestic institutions is already building. The Ministry of Finance said at least 10 Vietnamese securities firms and banks have expressed intent to apply once licensing windows fully open. Several have spent the past two years quietly preparing infrastructure, partnerships, and internal controls in anticipation of regulatory approval.
Within the securities sector, SSI Securities launched its digital asset arm, SSI Digital, in 2022 and has since announced collaborations with firms such as Tether, U2U Network, and Amazon Web Services. VIX Securities has also disclosed investments aimed at building a homegrown crypto exchange platform.
Banks are moving in parallel. Military Commercial Joint Stock Bank has partnered with Dunamu, the operator behind South Korea’s Upbit exchange, while Techcombank has formed a crypto-focused subsidiary and integrated crypto price tracking into its securities products. VPBank has stated it is operationally ready once regulators give the green light.
Despite institutional readiness, user migration may be gradual. Market participants expect an initial split, with some traders shifting to newly licensed domestic platforms while others continue using offshore exchanges until local venues can match global rivals on liquidity, fees, and product depth.
The rollout comes as Vietnam continues efforts to strengthen investor protection and anti–money laundering controls—areas that have kept the country on the Financial Action Task Force’s grey list even as retail crypto adoption remains high. How effectively the pilot is implemented could determine whether Vietnam emerges as a tightly regulated regional blockchain hub or simply a high-bar market serving a limited set of players.